Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 6.4% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price fell 6.4% during trading on Wednesday . The stock traded as low as $13.50 and last traded at $13.65. 65,137 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 171,892 shares. The stock had previously closed at $14.59.

Analysts Set New Price Targets

PSNY has been the topic of several recent research reports. Wall Street Zen lowered Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research note on Tuesday, August 11th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The company has a 50-day simple moving average of $16.85 and a 200-day simple moving average of $18.15. The stock has a market cap of $1.28 billion, a P/E ratio of -0.71 and a beta of 1.33.

Insider Buying and Selling

In related news, Director Quan (Joe) Zhang bought 1,700 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was bought at an average cost of $17.70 per share, with a total value of $30,090.00. Following the completion of the purchase, the director owned 3,300 shares in the company, valued at approximately $58,410. The trade was a 106.25% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Winfried Vahland bought 6,700 shares of Polestar Automotive Holding UK stock in a transaction dated Monday, June 1st. The shares were bought at an average price of $19.72 per share, for a total transaction of $132,124.00. Following the completion of the transaction, the director directly owned 31,979 shares of the company’s stock, valued at $630,625.88. This represents a 26.50% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 21,829 shares of company stock valued at $396,522. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently made changes to their positions in PSNY. EverSource Wealth Advisors LLC raised its holdings in Polestar Automotive Holding UK by 28,277.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock worth $47,000 after purchasing an additional 2,545 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Polestar Automotive Holding UK by 74.8% in the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock valued at $138,000 after buying an additional 3,194 shares during the period. Public Employees Retirement System of Ohio lifted its stake in Polestar Automotive Holding UK by 171.8% in the first quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company’s stock valued at $184,000 after buying an additional 6,300 shares during the period. SmartHarvest Portfolios LLC bought a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $186,000. Finally, Alpine Global Management LLC bought a new position in Polestar Automotive Holding UK during the 4th quarter worth approximately $219,000. Institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.